The shortage has its roots in the financial crisis, and was exacerbated by the pandemic.

We’re also seeing a rapid increase in commercial vacancies with WFH. But there are big challenges and costs to turning commercial properties into residential.

I’ve heard a lot about the problems. Surely there’s some good ideas for a solution out there?

  • TehPers@beehaw.org
    2·
    1 year ago

    So companies/individuals that purchased a historically low rates are/may be reticent to sell because they can’t secure a loan with the same rates they currently have.

    Can confirm, the interest rates have been a huge deterrent to me for selling my home and moving. My current interest rate is 2.75%, back when I was looking around I was being quoted around 7%, which would have had a significant effect on my monthly payments.

    It’s easier to wait out the storm and move when the interest rates (hopefully) recover. They seem to be improved since I last was looking at places, but I don’t think I’ll be abke to get a rate close to what I have anytime soon :(